The profits many make from cryptocurrency trading are currently eclipsing $10,000s for larger traders. Considering the significant part of many people income crypto trading has become, Japanese authorities have proposed increased powers to be given to the National Tax Agency to crack down on tax evaders. Currently the powers of the government remain limited as reforms only allow require who earn over 200,000 Yen a year via crypto trading are required to disclose their earnings…
Thailand’s crypto industry has grown to overtake the entire economies of Argentina and Turkey despite the country remaining 7under Junta rule. One of the few Asian nations in which Blockchain is allowing unrestricted financial management, the future looks promising despite several attempts to enforce restrictions. Thailand has been ruled by a military government ever since the coup which occurred in 2013. With the Royal Thai army in charge of all government affairs crypto use restrictions…
Mastercard, the American payments giant, has initiated its ventures into blockchain technology by filing a patent outlining a blockchain based payments platform. To allow users and companies to track crypto, process transactions while making use of a fractional banking system. As outlined in the patent : Accordingly, the use of traditional payment networks and payment systems technologies in combination with blockchain currencies may provide consumers and merchants the benefits of the decentralized blockchain while still…
Bithumb, the biggest crypto exchange in Korea has officially sold over 38% of its owned shares to the BK Group making it the biggest shareholder as the deal is pushed through. The deal was facilitated by the BTC Holdings company which owned a huge 76% stake in the crypto exchange. Selling 50% of its shares and adding 1 share to finish the deal, BK Group, originally a plastic surgery firm, has become a major shareholder.…
The Winklevoss twins have been known for their innovations in bringing crypto tech mainstream, but the Gemini exchange remains the crown jewel in the empire they built. In promising news, the Gemini exchange is set to support insurance cover for consumer assets. Consumers are looking for the same levels of insured protection they’re used to being afforded by traditional financial institutions. Educating our insurers not only allows us to provide such protections to our customers,…
Bitcoin and the crypto ecosystem has been branded wild west by the prominent MP’s in the UK. Also calling for the FCA to begin regulation of the current crypto markets, a report released by the parliament outlined the possible benefits which could result from responsible application of regulation. “It’s unsustainable for the Government and regulators to bumble along issuing feeble warnings to potential investors, yet refrain from acting…At a minimum, regulation should address consumer protection…
According to the Securities and Exchange Commission of the Philippines’, new legislation is currently being drafted to allow for crypto exchanges in the country to be regulated and expand opportunities available to both operators and customers. “We will put out a draft rule for the virtual currency exchanges, hopefully within the first half of September.” As reported by SEC Commissioner Ephyro Luis Amatong the new legislation will be drafted by next week with the aim…
Baidu Tieba, the forums business of Chinese search giant Baidu, has begun clamping down on crypto related material being hosted on its forums. Attempting to search terms like digital currency prompt the following error message : “This forum is temporarily closed due to relevant laws, regulations, and policies.” Baidu Tieba is currently one of the biggest forum communities in China. Resembling the likes of Reddit across the globe, Baidu Tieba has allowed well over 300…
South Africa has become one of the unlikely crypto hubs in the continent. Along with other markets including Nigeria, he country has seen a boom in crypto traders. Despite the positive reception to crypto, the state remains concerned due to the significant number of crypto traders evading tax bills and failing to reveal profits and assets to the South African Revenue Service. This has prompted the South African Revenue Service to ramp up its efforts…
As far as cryptocurrency adoption goes, no one has gone as far as Venezuela. Under the reigns of President Maduro, Venezuela may become the first ever country to adopt a central crypto currency bank., As initiated by the National Constituent Assembly, reforms will be made to the Venezuelan constitution as part of the plan to regulate and legalize a crypto exchange in the country,. A initial presentation of the reforms to be made will be…